DECPG

Commodity Markets Review

Number 115 For more information visit www.worldbank.org/propsects/commodities 13 July 2011

Non-energy commodity prices fell by 0.4 percent in June, although there were both large declines (coconut oil and tin) and sharp gains (urea fertilizer and sugar). Crude oil prices fell on the IEA release of emergency stocks. For the first half of 2011, non-energy commodity prices rose 3 percent, with fertilizer prices surging 26 percent on strong demand; agriculture prices rose 3 percent led by an 11 gain in grains, while metal prices were just 1 percent higher, with silver climbing 22 percent. Oil prices were up 18 percent and LNG by 26 percent. Crude oil prices fell 2.1 percent in June, averaging $105.9/bbl. However the price for the international marker Brent was $113.8/bbl while WTI was just $96.3/bbl due to the continuing supply bottleneck at Cushing OK (in early July, the Brent-WTI price spread widened to more than $21/bbl). Oil prices rose briefly following OPECs meeting June 8th when the group failed to agree on a production increase. However prices fell sharply following the IEA announcement June 23rd of a 60 million barrels release from strategic stocks for an initial 30 days. Half will be physical sales from the U.S. Strategic Petroleum Reserve. A sizeable portion of the remaining 30 mb will be in the form of relaxing stock-holding requirements in Japan and Europe, and thus will have minimal immediate impact on the market. As such, oil prices in early July have risen back to levels before the IEA release. In June, OPEC production increased 0.8 mb/d, the first sizeable gain since the loss of 1.5 mb/d of Libyan crude. Most of the increase was from Saudi Arabia. Global refinery runs in the third quarter are expected to rise by 2.3 mb/d from 2Q11, as companies move to meet higher seasonal demand. Even with higher supplies from OPEC and strategic stocks, more oil is needed in 3Q to maintain stocks at comfortable levels. Natural gas prices in the United States rose by 5.6 percent in June on strong demand because of hot weather. A heat wave in the northeast early in the month led to higher gas demand for cooling and lower seasonal injections into storage. Prices receded later in the month on weaker demand with the passing of the heat wave.
Major Price Indices
Indices of Nominal US$ Prices (2000=100)
400 400

Agriculture prices declined 0.7 percent in June on improved supply prospects for some commodities. Coconut and palmkernel oils plunged 14 and 10 percent, respectively, due to large gains in production, while cotton prices dropped 10 percent on weak demand and substitution to cheaper synthetic fibers in Asia. Wheat prices fell 8 percent following Russias announced plan to end its grain export ban July 1st, and the Ukraines move to lift export quotas. Coffee arabica prices fell 6 percent on improved crop prospects in Brazil and Colombia, while rubber prices decreased 4 percent on substitution to natural rubber. Partly offsetting these declines, sugar prices surged 15 percent on reports that Brazils production will be lower than expected. Logs (Malaysia) prices rose 8 percent on strong Asian demand and rebuilding projects in Japan. Metals and minerals prices fell 1.2 percent in June, on continued concerns about slowing global demand. Tin prices dropped 11 percent due to a sharp increase in production following a season of heavy rains. Nickel prices fell 7 percent due to weakening stainless steel demand, an increase in Chinas nickel pig iron production, and expected ramp-up of several new nickel mine projects. Iron ore prices slid 3 percent due to a slowing of steel production growth, particularly in Europe and China. Partly offsetting these decreases were gains in leadzinc prices of 3-4 percent. Lead prices were supported by uncertainty surrounding the restart of the Magellan mine in Australia, while zinc prices were boosted as exchange inventories tied up in warehouse-financing deals tightened supply.
Agriculture Prices - Sub-Indices
Indices of Nominal US$ Prices (2000=100)

Metals and Minerals

350 350

Raw Materials

Energy
300 300

Beverages
250

Agriculture

250

Food

200

200

150 Jun-09

Dec-09

Jun-10

Dec-10

Jun-11

150 Jun-09

Dec-09

Jun-10

Dec-10

Jun-11

Prepared by Shane Streifel, John Baffes and Betty Dow, with the assistance of Katherine Rollins.

Major Movers June1

Urea fertilizer prices soared 22.3 percent on strong demand and concerns about supply availability out of China. Sugar prices jumped 14.9 percent following the release of poor production figures from Brazil; the country accounts for almost half of the world's sugar exports. Logs (Malaysia) prices surged 8.4 percent on improved demand from Japan as it begins to rebuild following the tsunami; demand remains robust in India and China and was further boosted by strong orders from Taiwan, China. Groundnut oil prices increased 8.2 percent partly in response to India's uncertain crop prospects due to insufficient rainfall in Gujarat, the major producing state. Rice prices rose 6.7 percent as farmers and exporters in Thailand held back sales following a pre-election announcement by the front-running party that it will establish a higher support price. Natural gas (U.S.) prices climbed 5.6 percent due to a heat wave in the northeast in the first part of the month and lower-than-average storage injections. Potassium chloride fertilizer prices rose 4.2 percent on strong demand in Asia, and indications of tight supplies for the third quarter. Lead prices rose 4.0 percent on expectations of a tighter market in the second half of the year, partly due to uncertainty about the restart of the Magellan mine in Australia. Zinc prices increased 3.1 percent, despite rising stocks and a market in surplus, as a significant portion of exchange inventories are tied up in warehousing/financing arrangements. Beef prices decreased 3.1 percent due to sluggish demand from Japan and the U.S. and a strong Australian dollar. Silver prices dropped 3.3 percent on continued investor liquidation following the large run-up in prices the past year. Iron ore prices fell 3.5 percent due to a slowdown in global steel production growth, especially in Europe and China. Rubber prices declined 3.6 percent due to substitution to synthetic rubber, and to a limited extent weakening demand in Japan following the tsunami in March 2011. Coffee arabica and robusta prices declined 5.5 and 3.3 percent, respectively, as risks of frost in Brazil gradually fade while Colombia appears to
1

have a better crop than originally thought. Nickel prices fell 7.5 percent, despite lower inventories, on weakening stainless steel demand, rising Chinese nickel pig iron production, and expected ramp-up of a number of large new Greenfield projects. Wheat prices fell 8.1 percent following Russia's plan to remove its ban on grain exports July 1st , and Ukraine's move to lift export quotas. Cotton prices plunged 9.5 percent due to weak demand, lower yarn prices, and substitution to cheaper chemical fibers by East Asian spinners. Tin prices decreased 11.0 percent on a continuing sharp rise in Indonesias production following the end of a heavy rain season. Coconut oil and palmkernel oil (close substitutes) prices fell 14.0 and 9.9 percent, respectively, following reports of sizeable increases in world production of both oils by about 0.5 million tons.
June Percent Changes in Price (Nominal US $)
-20 0 20 40 60 80

Percent change of average June 2011 prices compared to average May 2011 prices in nominal U.S. dollars (graph includes 12-month changes in grey).

Urea, bulk Sugar, world Logs, Malaysia Groundnut oil Rice, Thai, 5% Natural gas, US Potassium chloride Lead Zinc Soybean oil Tea, avg 3 auctions Sawnwood Malaysia Copper Gold Maize DAP TSP Soybeans Coal, Australia Phosphate rock LNG Sorghum Natural gas, Europe Aluminum Cocoa Soybean meal Crude oil, average spot Palm oil Beef Coffee, robusta Silver Iron ore, spot Rubber RSS3 Coffee, arabica Nickel Wheat, US, HRW Cotton, A Index Palmkernel oil Tin Coconut oil

111.9

103.4

Jun'11/May '11 Jun '11/Jun '10

98.8

93.4

107.0

81.6

Commodity Markets Review -13 July 2011

Commodities Price Data

Commodity
Energy Coal, Australia Crude oil, avg, spot Crude oil, Brent Crude oil, Dubai Crude oil, West Texas Int. Natural gas Index Natural gas, Europe Natural gas, US Natural gas LNG, Japan Non Energy Commodities Agriculture Beverages Cocoa Coffee, Arabica Coffee, robusta Tea, auctions (3), avg Tea, Colombo auctions Tea, Kolkata auctions Tea, Mombasa auctions Food Fats and Oils Coconut oil Copra Groundnut oil Palm oil Palmkernel oil Soybean meal Soybean oil Soybeans Grains Barley Maize Rice, Thailand, 5% Rice, Thailand, 25% Rice,Thai, A.1 Rice, Vietnam 5% Sorghum Wheat, Canada Wheat, US, HRW Wheat, US SRW Other Food Bananas, EU Bananas, US Fishmeal Meat, beef Meat, chicken Meat, sheep Oranges Shrimp, Mexico Sugar, EU domestic Sugar, US domestic Sugar, world

Unit

2009

2010
98.97 79.04 79.64 78.06 79.43 156.11 8.29 4.39 10.85

2011
124.65 104.90 111.00 105.48 98.23 171.99 9.88 4.27 12.66

2010 Q3
99.49 78.18 78.69 77.98 77.85 147.50 7.51 4.32 10.95

Q4
93.55 75.51 76.41 74.04 76.08 155.07 8.26 4.28 11.22

2011 Q1
107.63 85.42 86.79 84.37 85.09 151.58 8.54 3.80 10.91

Q2
128.99 99.75 104.90 100.40 93.95 165.48 9.45 4.18 11.99

Q3
120.30 110.05 117.10 110.56 102.50 178.50 10.31 4.37 13.33

2011 Apr
122.50 116.24 123.07 115.70 109.96 176.94 10.36 4.24 12.99

May
119.12 108.07 114.46 108.46 101.28 177.97 10.30 4.31 13.50

Jun
119.28 105.85 113.76 107.52 96.25 180.59 10.26 4.55 13.50

a/ $/mt 71.84 a/ $/bbl 61.76 a/ $/bbl 61.86 a/ $/bbl 61.75 a/ $/bbl 61.65 a/ 2000=100 153.47 a/ $/mmbtu 8.71 a/ $/mmbtu 3.95 a/ $/mmbtu 8.94

b/c/kg b/c/kg b/c/kg b/c/kg b/c/kg b/c/kg b/c/kg

288.9 317.1 164.4 272.4 313.7 251.5 252.0

313.3 432.0 173.6 288.5 329.0 280.5 256.0

320.8 628.3 252.0 294.0 338.0 270.5 273.5

321.0 392.0 161.0 276.4 316.2 274.0 238.9

305.9 468.5 183.2 295.1 322.1 320.6 242.7

296.6 513.9 199.4 303.5 342.4 311.7 256.3

334.3 620.0 241.5 288.7 356.3 229.2 280.6

307.4 636.5 262.6 299.3 319.7 311.8 266.3

313.4 661.7 258.8 302.2 337.2 302.6 266.7

307.1 641.7 268.9 295.1 310.0 313.6 261.6

301.6 606.2 260.0 300.6 311.8 319.2 270.8

b/$/mt $/mt b/$/mt b/$/mt $/mt b/$/mt b/$/mt b/$/mt

725 480 1,184 683 700 408 849 437

1,124 750 1,404 901 1,184 378 1,005 450

2,035 1,361 1,776 1,199 2,003 418 1,330 561

955 634 1,352 813 1,034 342 875 409

1,159 769 1,301 875 1,161 378 984 452

1,546 1,038 1,604 1,108 1,619 424 1,242 522

2,073 1,379 1,723 1,251 2,131 437 1,349 565

1,996 1,342 1,830 1,147 1,874 400 1,311 557

2,089 1,421 1,680 1,149 1,899 403 1,315 556

2,097 1,419 1,830 1,159 1,958 402 1,294 556

1,803 1,186 1,980 1,133 1,765 394 1,324 558

b/$/mt b/$/mt b/$/mt $/mt $/mt $/mt $/mt $/mt b/$/mt $/mt

128.3 165.5 555.0 458.1 326.4 151.1 300.5 224.1 186.0

158.4 185.9 488.9 441.5 383.7 428.8 165.4 312.4 223.6 229.7

203.8 297.7 502.2 461.1 415.2 479.9 262.8 461.8 334.9 311.3

146.9 157.7 452.4 399.1 333.8 366.1 142.6 260.9 177.4 186.9

161.9 181.7 457.0 418.5 376.9 411.1 153.6 326.1 237.9 253.4

181.1 241.5 510.8 471.4 423.1 504.7 208.6 383.6 283.6 284.9

198.1 282.8 511.2 465.4 411.3 479.8 255.2 449.0 330.5 320.8

209.5 312.6 493.1 456.8 419.2 479.9 270.5 474.6 339.3 301.9

208.9 319.3 484.3 448.3 409.0 484.3 289.6 460.9 336.1 314.9

209.4 307.9 481.4 448.4 421.2 479.6 261.3 476.0 355.3 308.6

210.1 310.6 513.8 473.8 427.5 475.9 260.4 486.8 326.4 282.2

$/mt b/$/mt $/mt b/c/kg b/c/kg c/kg b/$/mt b/c/kg b/c/kg b/c/kg b/c/kg

1,145 847 1,230 264 188.8 427.6 909 945 52.44 54.88 40.00

1,002 868 1,688 335 189.2 531.4 1,033 1,004 44.18 79.25 46.93

1,251 984 1,694 408 189.6 650.1 843 1,245 45.85 83.42 57.63

1,029 862 1,814 342 190.2 486.8 1,084 945 42.66 69.62 34.93

933 922 1,663 331 193.6 572.5 1,163 43.29 78.20 42.98

1,033 909 1,613 353 189.3 618.7 878 ##### 44.38 84.86 58.01

1,251 964 1,740 410 188.2 637.1 824 1,246 44.69 86.56 62.70

1,250 1,004 1,648 406 191.0 663.0 862 1,244 47.02 80.28 52.56

1,294 1,027 1,776 425 190.5 662.2 881 1,246 47.26 84.28 53.70

1,270 1,011 1,621 403 190.8 666.0 836 1,246 46.79 78.18 48.39

1,186 976 1,547 390 191.7 660.9 868 1,240 47.03 78.39 55.58

continued on next page

Commodity Markets Review -13 July 2011

Commodities Price Data

Commodity
Raw Materials Timber Logs, Cameroon Logs, Malaysia Plywood Sawnwood, Cameroon Sawnwood, Malaysia Woodpulp Other Raw Materials Cotton A Index Rubber, RSS3 Rubber, TSR20 Fertilizers DAP Phosphate rock Potassium chloride TSP Urea, E. Europe, bulk Metals and Minerals Aluminum Copper Gold Iron ore, contract, fob Brazil Iron ore, spot, cfr China Lead Nickel Silver Steel products index Steel cr coilsheet Steel hr coilsheet Steel, rebar Steel wire rod Tin Zinc

Unit

2009

2010

2011

2010 Q3

Q4

Q1

2011 Q2

Q3

2011 Apr

May

Jun

$/cum b/$/cum c/sheets $/cum b/$/cum $/mt

421.5 287.2 564.6 748.9 805.5 614.6

428.6 278.2 569.1 812.7 848.3 866.8

470.6 354.2 595.9 852.7 940.4 916.7

408.0 253.5 566.3 787.1 832.6 875.5

426.3 293.5 572.3 811.8 879.8 912.9

448.5 312.1 580.5 847.8 892.9 897.8

451.6 326.2 588.5 833.1 921.6 891.5

489.6 382.1 603.2 872.2 959.2 941.9

477.5 343.5 596.3 883.4 946.2 937.4

487.2 385.2 605.6 862.5 958.1 938.2

504.0 417.6 607.7 870.6 973.2 950.0

b/c/kg b/c/kg c/kg

138.2 192.1 180.0

228.3 365.4 338.1

423.9 551.7 496.2

199.3 372.7 302.3

205.2 337.5 314.4

330.1 432.8 425.9

456.9 573.2 525.1

390.9 530.1 467.3

477.6 585.3 497.1

364.9 511.6 452.3

330.1 493.4 452.5

b/$/mt b/$/mt b/$/mt b/$/mt b/$/mt

323.1 121.7 630.4 257.4 249.6

500.7 123.0 331.9 381.9 288.6

607.3 170.4 398.4 515.3 380.6

458.2 125.0 316.1 357.4 237.2

494.1 125.0 334.2 389.6 279.2

585.6 140.0 343.2 463.8 357.0

601.7 158.3 374.2 486.3 353.4

613.0 182.5 422.7 544.2 407.9

617.1 182.5 413.8 535.6 340.4

609.8 182.5 418.3 547.5 397.4

612.0 182.5 436.0 549.5 485.9

b/$/mt 1,665 b/$/mt 5,150 $/toz 973 b//dmtu 101.0 $/dmt 80.0 b/c/kg 171.9 b/$/mt 14,655 c/toz 1,469 c/ 2000=100 227.1 c/ $/mt 783 c/ $/mt 683 c/ $/mt 486 c/ $/mt 969 b/c/kg 1,357 b/c/kg 165.5

2,173 7,535 1,225 n.a. 145.9 214.8 21,809 2,020 229.7 816 716 563 712 2,041 216.1

2,556 9,408 1,446 n.a. 177.2 257.8 25,612 3,518 261.7 883 783 620 733 2,936 232.4

2,096 7,027 1,196 n.a. 159.2 195.0 22,476 1,838 241.1 838 738 621 767 1,786 202.6

2,090 7,243 1,227 n.a. 137.4 203.2 21,191 1,901 232.4 850 750 533 678 2,055 201.3

2,343 8,637 1,367 n.a. 155.9 239.0 23,609 2,647 233.9 850 750 550 653 2,601 231.5

2,501 9,642 1,384 n.a. 178.6 260.4 26,870 3,179 250.5 867 767 600 684 2,986 239.3

2,611 9,173 1,507 n.a. 175.8 255.1 24,355 3,857 272.8 900 800 640 782 2,885 225.5

2,678 9,493 1,480 n.a. 179.3 270.1 26,408 4,280 272.5 900 800 640 760 3,236 236.2

2,596 8,960 1,513 n.a. 177.1 242.8 24,237 3,708 273.5 900 800 640 795 2,868 216.7

2,558 9,067 1,529 n.a. 170.9 252.5 22,421 3,584 272.6 900 800 640 790 2,552 223.4

World Bank commodity price indices for low and Energy 214.3 Non Energy Commodities 208.8 Agriculture 197.8 Beverages 219.9 Food 205.1 Fats and Oils 216.2 Grains 214.9 Other Food 181.6 Raw Materials 168.7 Timber 138.9 Other Raw Materials 201.4 Fertilizers 293.0 Metals and Minerals d/ 221.9 Base Metals e/ 208.9

middle income countries( 2000 =100) 271.2 354.9 267.7 259.5 291.3 266.5 335.7 253.7 260.1 302.0 231.3 296.1 215.4 228.6 264.7 253.8 302.5 246.9 259.2 266.4 224.1 281.3 201.0 222.0 260.4 244.4 312.1 219.8 241.1 292.1 215.8 296.2 186.6 212.5 259.1 204.9 227.2 189.4 205.3 219.7 237.5 329.0 234.4 229.2 274.4 143.5 164.4 138.6 149.4 153.3 340.3 509.0 339.1 316.5 406.9 280.0 367.8 253.3 278.5 329.3 337.2 413.3 332.2 322.5 375.4 297.8 366.3 280.9 286.5 336.8

339.5 339.7 300.4 304.8 284.9 321.0 289.4 233.2 335.9 158.7 529.6 343.5 419.9 373.4

370.3 331.7 291.9 300.2 277.7 303.2 302.9 221.2 322.1 170.1 488.4 392.2 406.6 359.2

389.0 340.6 300.1 307.2 279.9 304.0 304.0 226.6 345.4 163.9 543.9 361.8 421.1 374.2

364.1 328.0 288.8 301.3 275.9 304.7 302.5 214.1 313.8 170.3 470.6 387.7 401.7 352.1

357.7 326.6 286.7 292.0 277.1 301.0 302.3 222.9 307.2 176.0 450.6 427.1 397.0 351.3

a/ Included in the energy index (2000=100) b/ Included in the non-energy index (2000=100) c/ Steel not included in the non-energy index d/ base metals plus iron ore e/ Includes aluminum, copper, lead, nickel, tin and zinc $ = US dollar = US cent bbl = barrel cum = cubic meter dmtu = Dry Metric Ton Unit kg = kilogram mmbtu = million British thermal units mt = metric ton toz = troy oz n.a. = not available n.q. = no quotation

Commodity Markets Review -13 July 2011

Selected Commodity Prices, Nominal US dollars, 2006-2011

Commodity Markets Review -13 July 2011

Selected Commodity Prices, Nominal US dollars, 2006-2011 Contd

Commodity Markets Review -13 July 2011

Selected Commodity Prices, Nominal US dollars, 2006-2011 Contd

Commodity Markets Review -13 July 2011

Description of

Price Series

C o al (Australia), thermal, f.o.b. piers, Newcastle/Port Kembla, 6,300 kcal/kg (11,340 btu/lb), less than 0.8%, sulfur 13% ash beginning January 2002; previously 6,667 kcal/kg (12,000 btu/lb), less than 1.0% sulfur, 14% ash C ru de o il, av erage spot price of Brent, Dubai and West Texas Intermediate, equally weighed C ru de o il, U.K. Brent 38` API, f.o.b. U.K ports, spot price C ru de o il, Dubai Fateh 32` API, f.o.b. Dubai, spot price C ru de o il, West Texas Intermediate (WTI) 40` API, f.o.b. Midland Texas, spot price Natu ral Gas I n dex , composite index weighted by consumption volumes for Europe, US and Japan liquefied natural gas (LNG). Natu ral Gas (Eu ro pe) , average import border price, including UK. As of April 2010 includes spot price component. June 2000 - March 2010 excludes UK Natu ral Gas (U.S.) , spot price at Henry Hub, Louisiana Natu ral gas L NG (Japan ) , import price, cif, recent two months' averages are estimates. C o c o a (ICCO), International Cocoa Organization daily price, average of the first three positions on the terminal markets of New York and London, nearest three future trading months. C o ffee (ICO), International Coffee Organization indicator price, other mild Arabicas, average New York and Bremen/Hamburg markets, ex-dock C o ffee (ICO), International Coffee Organization indicator price, Robustas, average New York and Le Havre/Marseilles markets, ex-dock Tea , av erage three auctions, arithmetic average of quotations at Kolkata, Colombo and Mombasa/Nairobi. Tea (Colombo auctions), Sri Lankan origin, all tea, arithmetic average of weekly quotes. Tea (Kolkata auctions), leaf, include excise duty, arithmetic average of weekly quotes. Tea (Mombasa/Nairobi auctions), African origin, all tea, arithmetic average of weekly quotes. C o c o n u t o il (Philippines/Indonesia), bulk, c.i.f. Rotterdam C o pra (Philippines/Indonesia), bulk, c.i.f. N.W. Europe Gro u n dn u t o il (any origin), c.i.f. Rotterdam P alm o il (Malaysia), 5% bulk, c.i.f. N. W. Europe P almkern el Oil (Malaysia), c.I.f. Rotterdam So ybean meal (any origin), Argentine 45/46% extraction, c.i.f. Rotterdam beginning 1990; previously US 44% So ybean o il (Any origin), crude, f.o.b. ex-mill Netherlands So ybean s (US), c.i.f. Rotterdam Barley (Canada), feed, Western No. 1, Winnipeg Commodity Exchange, spot, wholesale farmers' price Maize (US), no. 2, yellow, f.o.b. US Gulf ports Ric e (Thailand), 5% broken, white rice (WR), milled, indicative price based on weekly surveys of export transactions, government standard, f.o.b. Bangkok Ric e (Thailand), 25% broken, WR, milled indicative survey price, government standard, f.o.b. Bangkok Ric e (Thailand), 100% broken, A.1 Super from 2006 onwards, government standard, f.o.b. Bangkok; prior to 2006, A1 Special, a slightly lower grade Ric e (Vietnam), 5% broken, WR, milled, weekly indicative survey price, Minimum Export Price, f.o.b. Hanoi So rgh u m (US), no. 2 milo yellow, f.o.b. Gulf ports Wh eat (C an ada) , no. 1, Western Red Spring (CWRS), in store, St. Lawrence, export price Wh eat (US) , no. 1, hard red winter, ordinary protein, export price delivered at the US Gulf port for prompt or 30 days shipment Wh eat (US) , no. 2, soft red winter, export price delivered at the US Gulf port for prompt or 30 days shipment Ban an as (Central & South America), major brands, c.i.f. Hamburg Ban an as (Central & South America), major brands, US import price, free on truck (f.o.t.) US Gulf ports Fis h meal (any origin), 64-65%, c&f Bremen, estimates based on wholesale price, beginning 2004; previously c&f Hamburg Meat, beef (Australia/New Zealand), chucks and cow forequarters, frozen boneless, 85% chemical lean, c.i.f. U.S. port (East Coast), ex-dock, beginning November 2002; previously cow forequarters Meat, c h ic ken (US), broiler/fryer, whole birds, 2-1/2 to 3 pounds, USDA grade "A", ice-packed, Georgia Dock preliminary weighted average, wholesale Meat, s h eep (New Zealand), frozen whole carcasses Prime Medium (PM) wholesale, Smithfield, London beginning January 2006; previously Prime Light (PL) Oran ges (Mediterranean exporters) navel, EEC indicative import price, c.i.f. Paris Sh rimp , (Mexico), west coast, frozen, white, No. 1, shell-on, headless, 26 to 30 count per pound, wholesale price at New York Su gar (EU) , European Union negotiated import price for raw unpackaged sugar from African, Caribbean and Pacific (ACP) under Lome Conventions, c.I.f. European ports Su gar (US) , nearby futures contract, c.i.f. Su gar (w o rld) , International Sugar Agreement (ISA) daily price, raw, f.o.b. and stowed at greater Caribbean ports L o gs (Wes t A fric a) , sapele, high quality (loyal and marchand), 80 centimeter or more, f.o.b. Douala, Cameroon beginning January 1996; previously of unspecified dimension L o gs (Malays ia) , meranti, Sarawak, sale price charged by importers, Tokyo beginning February 1993; previously average of Sabah and Sarawak weighted by Japanese import volumes P lyw o o d (Africa and Southeast Asia), Lauan, 3-ply, extra, 91 cm x 182 cm x 4 mm, wholesale price, spot Tokyo Saw n w o o d (C amero o n ) , sapele, width 6 inches or more, length 6 feet or more, f.a.s. Cameroonian ports Saw n w o o d (Malays ia) , dark red seraya/meranti, select and better quality, average 7 to 8 inches; length average 12 to 14 inches; thickness 1 to 2 inch(es); kiln dry, c. & f. UK ports, with 5% agents commission including premium for products of certified sustainable forest beginning January 2005 Wo o dpu lp (Sweden), softwood, sulphate, bleached, air-dry weight, c.i.f. North Sea ports C o tto n (Cotton Outlook "CotlookA index"), middling 1-3/32 inch, traded in Far East, C/F beginning 2006; previously Northern Europe, c.i.f. Ru bber (Asia), RSS3 grade, Singapore Commodity Exchange Ltd (SICOM) nearby contract beginning 2004; during 2000 to 2003, Singapore RSS1; previously Malaysia RSS1 Ru bber (Asia), TSR 20, Technically Specified Rubber, SICOM nearby contract DA P (diammonium phosphate), standard size, bulk, spot, f.o.b. US Gulf P h o s ph ate ro c k (Morocco), 70% BPL, contract, f.a.s. Casablanca P o tas s iu m c h lo ride (muriate of potash), standard grade, spot, f.o.b. Vancouver TSP (triple superphosphate), bulk, spot, beginning October 2006, Tunisian origin, granular, fob; previously US origin, f.o.b. US Gulf Urea, (Black Sea), bulk, spot, f.o.b. Black Sea (primarily Yuzhnyy) beginning July 1991; for 1985-91 (June) f.o.b. Eastern Europe A lu min u m (LME) London Metal Exchange, unalloyed primary ingots, high grade, minimum 99.7% purity, settlement price beginning 2005; previously cash price C o pper (LME), grade A, minimum 99.9935% purity, cathodes and wire bar shapes, settlement price Go ld (UK), 99.5% fine, London afternoon fixing, average of daily rates I ro n o re (Brazil) , VALE Carajas sinter feed, annual contract price, f.o.b. Ponta da Madeira, 66.5 - 67.9% Fe. Unit in dry metric ton unit (dmtu) denotes mt 1% Fe-unit. This annual pricing basis has terninated. I ro n o re s po t (any origin) fines, spot price, c.f.r. China, 62% Fe beginning December 2008; previously 63.5% L ead (LME), refined, 99.97% purity, settlement price Nic kel (LME), cathodes, minimum 99.8% purity, settlement price beginning 2005; previously cash price Silv er (Handy & Harman), 99.9% grade refined, New York Steel products price index, 2000=100, (Japanese), composite price index for eight selected steel products based on quotations f.o.b. Japan excluding shipments to the US, including China after 2002, weighted by product shares of apparent combined consumption (volume of deliveries) at Germany, Japan and the United States. The eight products are as follow: rebar (concrete reinforcing bars), merch bar (merchant bars), wire rod, section (H-shape), plate (medium), hot rolled coil/sheet, cold rolled coil/sheet and galvanized iron sheet for building which replaces galvanized sheet for appliances. Tin (LME), refined, 99.85% purity, settlement price Zin c (LME), high grade, minimum 99.95% purity, settlement price beginning April 1990; previously special high grade, minimum 99.995%, cash prices So u rc es include: Africa Tea Brokers Ltd Weekly Market Report, Bloomberg, Canadian Grain Commission, Canadian Wheat Board, Cotton Outlook, Coal Week International, Fertilizer International, Fertilizer Week, FRuiTROP, INFOFISH, INTERFEL Fel Actualits hebdo, International Cocoa Organization, International Coffee Organization, International Rubber Study Group, International Tea Committee, International Tropical Timber Organization, Internatonal Sugar Organization, ISTA Mielke GmbH Oil World, Japan Lumber Journal, Japan Metal Bulletin, Meat Trades Journal, MLA Meat & Livestock Weekly, Platts International Coal Report, Platts Metals Week, Singapore Commodity Exchange, Sopisco News, Sri Lanka Tea Board, Statistisches Bundesamt, US Department of Agriculture, US NOAA Fisheries Service, VALE and World Gas Intelligence. Fo r mo re in fo rmatio n v is it w w w .w o rldban k.o rg/pro ps ec ts /c o mmo dities

Commodity Markets Review -13 July 2011